On Tuesday morning, Dow Jones futures and other major stock indexes extended gains. general motors (GM) reported significantly higher first-quarter profits. meanwhile, tesla (TSLA)’s financial results are expected to be announced after the stock market closes today.
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In morning trading, Dow Jones futures rose 0.2% to fair value, while S&P 500 futures rose 0.3%. Futures on the tech-heavy Nasdaq 100 also rose 0.3% before the opening bell.
Early Tuesday, the 10-year U.S. Treasury yield rose to 4.65%. Additionally, crude oil prices fell 0.7% as West Texas Intermediate futures traded around $81.30 per barrel.
Among U.S. exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) rose 0.2%, and SPDR S&P 500 ETF (SPY) also rose.
stock market today
General Motors jumped nearly 5% after reporting strong first-quarter results and sales and raising its outlook for 2024.
Other key earnings drivers for Tuesday include: cadence design system (CDNS), new core (Nue), Packaging Corporation of America (PKG), pepsico (PEP) and spotify (spot).
Cadence stock plunged 6.2%, and Nucor shares sold off nearly 6% in premarket trading. Packaging Corporation stock fell 3.6% ahead of the move. PepsiCo fell slightly, while Spotify stock rose nearly 8%.
On Tuesday’s economic calendar, the Manufacturing and Services Purchasing Managers’ Index is scheduled to be released at 9:45 a.m. ET. The manufacturing industry index and service industry index are each expected to remain flat in April at 51.9.
Additionally, the Department of Commerce is scheduled to release new home sales figures at 10 a.m. ET. Sales in March are expected to increase to 670,000 from 662,000 the previous month.
Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Dow Jones rebound
On Monday, the Nasdaq Composite Index led a strong rebound, rising 1.1%. The index ended its six-day losing streak, the longest since December 2022. Meanwhile, the S&P 500 rose 0.9%, ending its longest losing streak since October 2022. The Dow Jones Industrial Average rose 0.7%.
Monday’s The Big Picture Column said, “The rebound was welcome, but not all that surprising. The index had been oversold by several indicators, including the short-term overbought trend of the market surge. The oversold oscillator had reached its highest oversold level since 2019.” Market bottom in late October. ”
As the stock market continues to move, now is an important time to read Investor’s Business Daily’s The Big Picture column. Be sure to read how to adapt to changing market conditions with IBD’s new exposure levels.
Learn how to time the stock market with IBD’s ETF Market Strategy
Stocks to watch in today’s stock market
alphabet (Google), dexcom (DXCM), On hold (Onon) and trade web market (TW) — plus Dow Jones components American express (AXP) — One of the most interesting companies on the stock market today.
Alphabet and Tradeweb are featured in this “Stocks Near a Buy Zone” column.
An essential resource for daily breakouts is IBD MarketSurge’s Breakouts of the Day list. This indicates that the MarketSurge Growth 250 stocks are breaking through a new buy point. Additionally, MarketSurge’s “Near Pivot” list shows stocks that are nearing buy points on base.
To find more stock ideas, check out our IBD stock lists, including the IBD 50, Big Cap 20, and stocks near buy zones. These features identify bullish patterns and allow you to purchase points and check them daily.
Get real-time buy and sell alerts on stock market leaders with IBD Leaderboard
Dow Jones: American Express
According to MarketSurge charts, American Express has rebounded massively from support near its 50-day moving average. The rebound places software leaders in new buying territory. The stock was flat on Tuesday morning, but the stock has risen above the 231.69 entry in a short-term consolidation. Keep in mind that market risk is currently high.
Last week, American Express reported better-than-expected first-quarter profits and sales and a solid outlook, sparking a 6.2% rise. The payments leader earned $3.33 per share on revenue of $17.8 billion, up 39% and 13% year over year, respectively.
4 Top Growth Stocks to Watch stock market correction
Outside of the Dow Jones index, Google stock is above the buy point of 153.78, a relative strength line at its highest level since January, according to MarketSurge charts. Stocks edged higher on Tuesday.
Dexcom fell below its flat base entry of 132.03 during last week’s decline, but remains above the important 50-day line. This would provide bullish support for the stock’s outlook. Dexcom stock rose 0.1% early Tuesday.
Retail giant On Holding abandoned its 50-day line on Monday, but a decisive rebound back to that level would be positive for the stock’s outlook. On-Hold shares were unchanged early Tuesday.
Tradeweb has formed a flat base at a buy point of 108.04 and is below its 50-day moving average. The stock fell 0.6% on Tuesday.
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Stock Market Today: Companies to Watch
These are four stocks in the buy zone or near the buy zone on the stock market today.
| Company Name | symbol | correct purchase point | Types of purchase points |
|---|---|---|---|
| american express | (AXP) | 231.69 | integration |
| alphabet | (Google) | 153.78 | integration |
| dexcom | (DXCM) | 132.03 | flat base |
| trade web market | (TW) | 108.04 | flat base |
Source: IBD data as of April 22, 2024
IBD experts analyze today’s top stocks on the stock market on IBD Live.
Magnificent Seven stocks: Nvidia, Tesla
Magnificent Seven Stocks Nvidia In Tuesday morning trading, NVDA and Tesla were up 1.6% and 0.3%, respectively.
Nvidia stock rose 4.4% on Monday, reversing some of Friday’s 10% decline. The stock fell below its 50-day line last week.
Tesla stock fell 3.4% on Monday, extending its losing streak to seven sessions. The stock also hit a new 52-week low.
Tesla’s financial results are expected to be released after the market closes. Earnings are expected to fall 42% to 49 cents a share on revenue of $22.2 billion, according to IBD MarketSurge data.
Dow Jones Leader: Apple, Microsoft
Among the Dow Jones stocks in the Magnificent Seven are: apple (AAPL) and microsoft (MSFT) traded mixed ahead of stock market trading on Tuesday.
Apple stock rose 0.5% on Monday, ending a five-day losing streak. Last week, the stock found strong resistance at the 50-day line. The stock was down 0.2% on Tuesday morning.
Microsoft stock rose 0.5% on Monday, but remains below its 50-day line following last week’s decline. The stock rose 0.4% early Tuesday.
Be sure to follow Scott Lehtonen on X, formerly known as Twitter. @IBD_SLehtonen Learn more about growth stocks, the Dow Jones Industrial Average, and today’s stock market.
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